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DRIP vs KOLD

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

DRIPDNYSE Arca

ProShares UltraShort Bloomberg Natural Gas

KOLDBNYSE Arca

Overlap

Expense ratio

KOLD −0.06pt a year

DRIP1.01%KOLD0.95%

Avg volume · 30D

KOLD 2.6×the volume

DRIP1.13MKOLD2.89M

10Y return · a year

KOLD +22.6pt

DRIP−43.6%KOLD−21.0%

DRIP vs KOLD Performance

Oct 29, 2021 – Oct 30, 2026

−93.2%DRIP−52.8%KOLD

Oct 29, 2021 to Oct 30, 2026. DRIP −93.2%. KOLD −52.8%. Use the arrow keys to read each point.0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
DRIP 1.01%
KOLD 0.95%, better
Fund size
DRIP $141M
KOLD $55M
1Y total return
DRIP −67.8%
KOLD +3.9%, better
Yield (12M)
DRIP 4.27%
KOLD No data
Holdings
DRIP 5
KOLD 1
Avg volume (30D)
DRIP 1.13M sh
KOLD 2.89M sh, better
NAV per share
DRIP $30.11
KOLD $33.50
52W range

ETF.net Grade

DRIP: Cost 15, Risk 46, Mission not scored, Tradability 36, Holdings not scored, Durability 52. KOLD: Cost 65, Risk 40, Mission not scored, Tradability 52, Holdings not scored, Durability 54.
Pillar letters and Scores for DRIP, KOLD, with each pillar’s weight
PillarDRIPKOLD
Cost30% weightF15B65Higher
Mission25% weightNot scoredNot scored
Risk15% weightC46HigherC40
Tradability15% weightD36C52Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC52C54Higher

Rank among Inverse Energy funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DRIP and KOLD are both graded against the same 5 Inverse Energy funds, so their Grades compare head to head.

Inverse Energy⁠

Category · 5 funds
See all 5 ›

KOLD ranks 3rd and DRIP 5th of 5 funds in the Inverse Energy Category.

  1. Rank 1BSCOProShares UltraShort Bloomberg Crude OilScore 59
  2. Rank 2BDUGProShares UltraShort EnergyScore 56
  3. Rank 3BKOLDProShares UltraShort Bloomberg Natural GasScore 55
  4. Rank 4CERYDirexion Daily Energy Bear 2X ETFScore 41
  5. Rank 5DDRIPDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETFScore 29

Our read on each fund

ETF.net Research

DRIPDDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

KOLDBProShares UltraShort Bloomberg Natural Gas

In short

DRIP A 2x inverse bet on the shale drillers, not the barrel. DRIP aims for 200% of the daily inverse move of the S&P Oil & Gas Exploration & Production Select Industry Index, a modified equal-weight basket of US E&P stocks, and resets that leverage every day.

KOLD Natural gas is the most temperamental commodity on the board, and KOLD is the instrument built to lean against it: two times the inverse of the Bloomberg Natural Gas Subindex, reset every single day.

Stated mandate

DRIP The fund seeks daily investment results equal to 200% of the inverse performance of the S&P Oil & Gas Exploration & Production Select Industry Index, before fees and expenses.

KOLD The fund seeks daily results equal to two times the inverse performance of the Bloomberg Natural Gas Subindex.

Why people hold it

  • DRIP Shorts the drillers, not the commodity: the reference index is a modified equal-weight basket of domestic exploration and production names spanning large, mid and small caps.direxion.com
  • Most rivals in this bear-energy group track crude (SCO), natural gas (KOLD) or broad energy (DUG, ERY). This one is aimed at the E&P sub-industry itself.
  • On the tape since 2015 and actively traded, so there is usually a two-sided market when you want the position on or off.
  • Direxion dialed the target from 3x to 2x inverse in 2020, so each day's swing is a notch smaller than the fund's original design.sec.gov
  • KOLD Targets two times the inverse of the daily move in the Bloomberg Natural Gas Subindex: a direct short on gas futures, not on energy stocks the way DRIP and ERY are.proshares.com
  • A 0.95% expense ratio sits at the low end of the leveraged bear energy shelf, matching ProShares stablemate SCO and undercutting DRIP, ERY and DUG.
  • Trading since 2011, it is an established and actively traded name in a corner of the market where thin volume is the norm.
  • Sits in the upper half of its small peer group of leveraged bear energy funds on cost and structure.

Worth knowing

  • DRIP Leverage resets daily. Hold past a day and compounding takes over, so multi-week results can land far from twice the index's inverse move, in either direction.direxion.com
  • Costs 1.01% net of a waiver through September 1, 2027 (1.03% gross), above the category median and more than the four other bear energy funds in the group.
  • Inverse by design: when E&P stocks rally, the fund aims to fall roughly twice as much, which is why Direxion frames these as tools to be watched daily.direxion.com
  • KOLD The exposure resets daily. Hold it past a day and compounding takes over, so results over a week or a month can differ sharply from twice the inverse of the index move.proshares.com
  • Natural gas swings hard on weather and storage news. Doubling the inverse of that means outsized moves in both directions, which is why the risk profile screens high.
  • It is a commodity pool rather than a standard 1940 Act fund, and it makes no regular distributions, so tax paperwork differs from a stock ETF. The prospectus spells it out.proshares.com

Full DRIP profile⁠

Full KOLD profile⁠

DRIP vs KOLD Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DRIP vs KOLD Cost

Overpaying DRIP vs KOLD

$981

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DRIP 1.01%

    $18,850

  • KOLD 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DRIP 1.01%
  • KOLD 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DRIP $18,850KOLD $17,869

Year by year

YearDRIPKOLDOverpaying
10$1,780$1,678$102
20$6,686$6,322$364
30$18,850$17,869$981

Expense ratio

  • 1.01%DRIP
  • 0.95%KOLD, cheaper
  • Middle half of Inverse Energy funds
  • Median 0.95%

KOLD cheapest of 5 funds

DRIP 5th cheapest of 5 funds

DRIP vs KOLD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DRIP 4.27%
KOLD No data
Payout (12M)
DRIP $1.23
KOLD None
Last payment
DRIP $0.27
KOLD No data
Ex-dividend
DRIP Sep 22, 2026
KOLD No data
Paid on
DRIP Sep 29, 2026
KOLD No data
Frequency
DRIP Quarterly
KOLD No data

Distribution history

Per share, 2018 to 2026, same scale for both

DRIPQuarterly · 23 paymentsAll DRIP payments⁠
One bar per payment. 23 payments from 2018 to 2026 YTD. Mar 20, 2018 $7.73; Jun 19, 2018 $3.09; Sep 25, 2018 $6.68; Dec 27, 2018 $25.11; Mar 19, 2019 $15.02; Sep 24, 2019 $26.87; Dec 23, 2019 $2.71; Dec 22, 2020 $0.28; Mar 21, 2023 $2.70; Jun 21, 2023 $1.22; Sep 19, 2023 $0.93; Dec 21, 2023 $0.89; Mar 19, 2024 $1.77; Jun 25, 2024 $1.43; Sep 24, 2024 $1.24; Dec 23, 2024 $0.34; Mar 25, 2025 $1.11; Jun 24, 2025 $0.56; Sep 23, 2025 $0.60; Dec 23, 2025 $0.31; Mar 24, 2026 $0.28; Jun 23, 2026 $0.37; Sep 22, 2026 $0.27. Use the arrow keys to read each point.$0$25202020232026YTD
KOLDAll KOLD payments⁠

No distribution history available.

DRIP vs KOLD Risk

Fall from peak · 5 years

  • DRIP
  • KOLD
Oct 29, 2021 to Oct 30, 2026. Worst fall: KOLD −96.4% · Aug 2022. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
DRIP 46.0%, betterKOLD 103.3%
Return per unit of riskSharpe ratio, 3 years
DRIP −0.70KOLD 0.58, better
Worst fallMax drawdown, 5 years
DRIP −94.6%, betterKOLD −96.4%
Market sensitivityBeta, 5 years
DRIP −0.08KOLD −3.29

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